Brookfield Business Partners L.P. (BBU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du capital-investissement et de la gestion des investissements, Brookfield Business Partners L.P. (BBU) se distingue comme une puissance de la création de valeur stratégique. Avec une approche sophistiquée qui mélange l'expertise mondiale des investissements, la transformation opérationnelle et la diversification du secteur ciblé, BBU a sculpté un créneau unique pour fournir des rendements ajustés au risque exceptionnels. Leur modèle commercial innovant transcende les stratégies d'investissement traditionnelles, tirant parti d'un réseau robuste de partenariats, de capacités analytiques avancées et d'un engagement incessant à créer une valeur à long terme dans plusieurs secteurs.

Brookfield Business Partners L.P. (BBU) - Modèle commercial: Partenariats clés

Alliances stratégiques avec des investisseurs institutionnels mondiaux

Brookfield Business Partners entretient des partenariats stratégiques avec des investisseurs institutionnels, notamment:

Type d'investisseur	Montant d'investissement	Détails du partenariat
Fonds de pension	3,2 milliards de dollars	Accords d'investissement à long terme sur les infrastructures
Fonds de richesse souverain	2,7 milliards de dollars	Investissements mondiaux sur les infrastructures et le secteur de l'énergie
Compagnies d'assurance	1,9 milliard de dollars	Stratégies d'investissement de portefeuille diversifiées

Collaboration avec les sociétés d'infrastructure et de secteur de l'énergie

Les partenariats clés des infrastructures et du secteur de l'énergie comprennent:

• Transalta Corporation - Collaboration des infrastructures d'énergie renouvelable
• Enbridge Inc. - Midstream Energy Infrastructure Investments
• Canadian Natural Resources Limited - Développement d'infrastructures énergétiques

Sociétés de gestion de capital-investissement et d'investissement

Entreprise partenaire	Focus d'investissement	Valeur de partenariat
Groupe Blackstone	Gestion mondiale des actifs alternatifs	4,5 milliards de dollars
Kkr & Co.	Investissements industriels et technologiques	3,8 milliards de dollars
Gestion mondiale Apollo	Stratégies diversifiées de capital-investissement	2,6 milliards de dollars

Partenariats à long terme avec des équipes de gestion opérationnelle

Brookfield Business Partners maintient partenariats opérationnels actifs avec des équipes de gestion dans plusieurs secteurs, notamment:

• Équipes de gestion des services technologiques
• Groupes de leadership de la fabrication industrielle
• Infrastructure Opérationnelle des cadres

Contrats de coentreprise dans plusieurs industries

Industrie	Coentreprise	Portée des investissements
Services industriels	Siemens AG	Projet de modernisation des infrastructures de 1,6 milliard de dollars
Infrastructure numérique	Equinix Inc.	Expansion du centre de données de 2,3 milliards de dollars
Énergie renouvelable	Énergie nextère	1,9 milliard de dollars pour le développement des infrastructures éoliennes et solaires

Brookfield Business Partners L.P. (BBU) - Modèle commercial: activités clés

Acquérir et gérer diverses opérations commerciales

Brookfield Business Partners L.P. se concentre sur l'acquisition d'entreprises dans plusieurs secteurs d'une valeur d'entreprise totale de 5 milliards de dollars à 20 milliards de dollars. En 2023, leur portefeuille comprend 13 plates-formes d'exploitation couvrant des secteurs d'infrastructure, industrielle et de services.

Secteur	Nombre de plateformes	Valeur totale de l'entreprise
Infrastructure	4	3,2 milliards de dollars
Industriel	5	4,7 milliards de dollars
Services	4	3,1 milliards de dollars

Gestion active de portefeuille et création de valeur

La société met en œuvre la création de valeur stratégique grâce à des améliorations opérationnelles ciblées et à des investissements en capital.

• Retour annuel moyen sur le capital investi: 15-18%
• Période de détention typique pour les investissements: 4-7 ans
• Objectifs d'amélioration opérationnelle: amélioration de 10 à 15% d'EBITDA

Amélioration opérationnelle et transformation stratégique

Brookfield Business Partners déploie des équipes opérationnelles spécialisées pour stimuler les améliorations des performances entre les sociétés de portefeuille.

Zone d'amélioration	Gain d'efficacité ciblé
Optimisation des coûts	8-12%
Croissance des revenus	5-10%
Amélioration de la marge	3-7%

Allocation des capitaux et optimisation des investissements

L'entreprise maintient une approche disciplinée du déploiement des capitaux avec des paramètres d'investissement spécifiques.

• Capital total disponible pour les investissements: 6,5 milliards de dollars
• Seuil d'investissement minimum: 250 millions de dollars
• Investissement unique maximum: 2 milliards de dollars

Gestion des risques et amélioration des performances

Une stratégie complète de gestion des risques implique une diligence raisonnable détaillée et un suivi continu des performances.

Métrique de gestion des risques	Performance ciblée
Diversification du portefeuille	Aucun investissement unique> 20% du portefeuille total
Évaluation annuelle des risques	100% des plateformes de portefeuille
Fréquence de surveillance des performances	Trimestriel

Brookfield Business Partners L.P. (BBU) - Modèle commercial: Ressources clés

Équipe expérimentée d'investissement et de leadership opérationnel

Depuis 2024, Brookfield Business Partners L.P. comprend une équipe de direction avec la composition suivante:

Poste de direction	Nombre de cadres	Des années moyennes d'expérience
Professionnels de l'investissement seniors	42	18,5 ans
Cadres opérationnels	27	16,3 ans

Expertise en capital financier substantiel et investissement

Ressources financières et capacités d'investissement:

• Total des actifs sous gestion (AUM): 77,3 milliards de dollars
• Capital d'investissement engagé: 12,5 milliards de dollars
• Poudre sèche disponible: 3,8 milliards de dollars

Vaste réseau mondial de connexions de l'industrie

Présence géographique	Nombre de pays	Partenariats stratégiques
Régions opérationnelles mondiales	16	87

Capacités avancées analytiques et de diligence raisonnable

Ressources techniques et capacités analytiques:

• Équipe de recherche dédiée: 63 professionnels
• Systèmes avancés d'analyse de données: 4 plateformes propriétaires
• Volume d'analyse des investissements annuelle: 328 transactions potentielles

Stratégie d'investissement flexible dans plusieurs secteurs

Secteurs d'investissement	Allocation de portefeuille	Nombre de sociétés de portefeuille
Infrastructure	28%	12
Industriel	35%	18
Services aux entreprises	22%	9
Technologie	15%	6

Brookfield Business Partners L.P. (BBU) - Modèle d'entreprise: propositions de valeur

Générer des rendements supérieurs ajustés au risque pour les investisseurs

Au quatrième trimestre 2023, Brookfield Business Partners a déclaré un rendement total de 16,3% pour ses investisseurs. Le partenariat gère 68,4 milliards de dollars d'actifs dans plusieurs secteurs.

Métrique	Valeur
Total des actifs sous gestion	68,4 milliards de dollars
Rendement total des investisseurs (Q4 2023)	16.3%

Fournir une expertise opérationnelle dans des environnements commerciaux complexes

Brookfield Business Partners opère dans 5 verticales clés de l'industrie avec des équipes opérationnelles spécialisées.

• Infrastructure
• Industriel
• Technologie
• Énergie
• Services

Créer une valeur à long terme grâce à des transformations commerciales stratégiques

En 2023, le partenariat a achevé 7 transformations commerciales stratégiques avec une création de valeur moyenne de 22,5%.

Métrique de transformation	Performance de 2023
Transformations stratégiques achevées	7
Création de valeur moyenne	22.5%

Offrir des opportunités d'investissement diversifiées dans toutes les industries

Distribution du portefeuille d'investissement en 2023:

• Infrastructure: 35%
• Industriels: 25%
• Technologie: 20%
• Énergie: 12%
• Services: 8%

Offrez des performances cohérentes grâce à une gestion active

Brookfield Business Partners a obtenu un rendement annuel moyen de 15,7% au cours des 5 dernières années grâce à la gestion active du portefeuille.

Métrique de performance	Valeur
Rendement annuel moyen à 5 ans	15.7%
Nombre de sociétés de portefeuille actifs	38

Brookfield Business Partners L.P. (BBU) - Modèle commercial: relations clients

Engagement direct avec les investisseurs institutionnels

Brookfield Business Partners L.P. maintient une approche structurée des relations avec les investisseurs institutionnels avec les mesures clés suivantes:

Catégorie d'investisseurs	Fréquence d'engagement	Canaux de communication
Fonds de pension	Trimestriel	Réunions directes, conférences téléphoniques
Fonds de richesse souverain	Semestriel	Présentations des investisseurs, visites sur le site
Entreprises d'investissement institutionnelles	Mensuel	Rapports numériques, mises à jour par e-mail

Communication transparente et rapport

Brookfield Business Partners fournit des rapports complets sur plusieurs canaux:

• Rapports financiers annuels avec des métriques de performance détaillées
• Conférence téléphonique des investisseurs trimestriels
• Plateforme complète des relations avec les investisseurs numériques
• Rapports ESG détaillés

Stratégies d'investissement personnalisées

L'approche de personnalisation des investissements comprend:

Type de stratégie	Niveau de personnalisation	Investissement minimum
Infrastructure centrale	Haut	50 millions de dollars
Énergie renouvelable	Moyen	25 millions de dollars
Capital-investissement	Haut	100 millions de dollars

Mises à jour régulières des performances et présentations des investisseurs

Fréquence et plates-formes de mise à jour des performances:

• Webdication trimestriel
• Événement annuel de la Journée des investisseurs
• Suivi des performances numériques en temps réel
• Rapports d'investisseurs personnalisés

Approche de gestion du portefeuille sur mesure

Paramètres de personnalisation de la gestion du portefeuille:

Segment de portefeuille	Profondeur de personnalisation	Gestion des risques
Infrastructure	Haut	Évaluation complète des risques
Énergie	Moyen	Atténuation des risques spécifiques au secteur
Capital-investissement	Très haut	Gestion des risques dynamiques

Brookfield Business Partners L.P. (BBU) - Modèle commercial: canaux

Plates-formes d'investissement direct

Brookfield Business Partners L.P. utilise les plates-formes d'investissement directes suivantes:

Plate-forme	Capacité d'investissement	Type d'investisseur
Brookfield Direct Investment Portal	Engagement minimum de 500 millions de dollars	Investisseurs institutionnels
Plateforme de placement privé	100 millions de dollars par transaction	Investisseurs accrédités

Réseaux d'investisseurs institutionnels

Les canaux clés du réseau d'investisseurs institutionnels comprennent:

• Réseaux de fonds de retraite
• Connexions du fonds de richesse souverain
• Plateformes d'investissement de dotation

Services de conseil financier

Service consultatif	Revenus annuels	Segments du client
Advisory d'investissement stratégique	75,4 millions de dollars	Grands investisseurs institutionnels
Avis de transaction	42,6 millions de dollars	Clients des entreprises

Systèmes de communication et de rapports numériques

Les canaux numériques comprennent:

• Portail d'investisseurs en ligne sécurisé
• Plateforme de rapports financiers en temps réel
• Systèmes de communication chiffrés

Conférences d'investissement et roadshows

Type d'événement	Fréquence annuelle	Investisseur Reach
Conférence mondiale sur les investissements	4 conférences par an	Plus de 250 investisseurs institutionnels
Bouc-bassins régionaux	12 roadshows chaque année	Couvrant l'Amérique du Nord, l'Europe, l'Asie

Brookfield Business Partners L.P. (BBU) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Brookfield Business Partners cible les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Allocation moyenne
Grands investisseurs institutionnels	12,5 milliards de dollars	3,7% du portefeuille
Institutions d'investissement mondiales	8,3 milliards de dollars	2,9% du portefeuille

Fonds de pension

Brookfield Business Partners se concentre sur les investisseurs de fonds de retraite:

• Investissements totaux de fonds de retraite: 7,6 milliards de dollars
• Durée d'investissement moyenne: 7-10 ans
• Types de fonds de retraite ciblés:
  • Fonds de pension des employés publics
  • Fonds de retraite d'entreprise
  • Fonds de pension multi-employeurs

Fonds de richesse souverain

Région	Montant d'investissement	Pourcentage de portefeuille
Moyen-Orient	5,2 milliards de dollars	2.1%
Asie-Pacifique	4,8 milliards de dollars	1.9%

Individus à haute nette

Brookfield Business Partners Customer Segment for High-Net-Dut:

• Seuil d'investissement minimum: 5 millions de dollars
• Investissements individuels totaux à forte intensité: 3,4 milliards de dollars
• Investissement moyen par client: 12,5 millions de dollars

Groupes d'investissement de capital-investissement

Type de groupe d'investissement	Investissement total	Taille moyenne de l'accord
Sociétés mondiales de capital-investissement	6,9 milliards de dollars	250 millions de dollars
Groupes régionaux de capital-investissement	4,2 milliards de dollars	125 millions de dollars

Brookfield Business Partners L.P. (BBU) - Modèle d'entreprise: Structure des coûts

Dépenses d'acquisition de investissements et de diligence raisonnable

En 2023, Brookfield Business Partners a déclaré des coûts totaux de transaction et de conseil de 42,7 millions de dollars pour les acquisitions d'investissement. La répartition des dépenses de diligence raisonnable comprend:

Catégorie de dépenses	Montant ($ m)
Frais de conseil juridique	15.3
Diligence financière	12.9
Évaluation technique	8.5
Étude de marché	6.0

Coûts de gestion opérationnelle et de transformation

Les dépenses de transformation opérationnelle pour 2023 ont totalisé 87,6 millions de dollars, avec des allocations clés comme suit:

• Initiatives de restructuration: 36,2 millions de dollars
• Programmes d'efficacité opérationnelle: 28,4 millions de dollars
• Intégration technologique: 23,0 millions de dollars

Talent professionnel et rémunération du leadership

Compensation totale pour le leadership et les principaux professionnels en 2023:

Composant de compensation	Montant ($ m)
Salaires de base	24.6
Bonus de performance	41.3
Compensation des actions	35.7
Plans d'incitation à long terme	19.2

Technologie et infrastructure analytique

Investissements sur l'infrastructure technologique pour 2023:

• Infrastructure de cloud computing: 12,5 millions de dollars
• Plateformes d'analyse de données: 9,7 millions de dollars
• Systèmes de cybersécurité: 7,3 millions de dollars
• Licence de logiciel d'entreprise: 5,9 millions de dollars

Surveillance et optimisation du portefeuille en cours

Dépenses de gestion et d'optimisation du portefeuille pour 2023:

Activité de surveillance	Montant ($ m)
Systèmes de suivi des performances	6.8
Outils de gestion des risques	5.4
Rééquilibrage du portefeuille	4.2
Services de conseil externe	3.6

Brookfield Business Partners L.P. (BBU) - Modèle d'entreprise: Strots de revenus

Frais de gestion des investissements

En 2023, Brookfield Business Partners a déclaré des frais de gestion des investissements de 159 millions de dollars pour l'exercice. Ces frais sont générés par la gestion de divers portefeuilles d'investissement dans différents secteurs.

Catégorie de frais	Montant (en millions USD)
Frais de gestion de la base	$98.5
Frais de conseil	$60.5

Intérêt porté sur la performance

En 2023, Brookfield Business Partners a généré des revenus d'intérêts de 213 millions de dollars provenant de sorties d'investissement et de jalons de performance réussis.

• Taux d'intérêt transporté: 20% des bénéfices supérieurs aux taux d'obstacles prédéterminés
• Revenu total des intérêts transportés: 213 millions de dollars en 2023

Appréciation du capital des investissements de portefeuille

La société a déclaré une appréciation totale du capital de 487 millions de dollars en 2023 à partir de ses divers investissements de portefeuille.

Secteur des investissements	Appréciation du capital (en millions USD)
Infrastructure	$172
Industriel	$215
Technologie	$100

Revenu des dividendes et de la distribution

Brookfield Business Partners a reçu des revenus de dividendes et de distribution totalisant 276 millions de dollars en 2023.

• Rendement trimestriel des dividendes: 4,5%
• Distributions annuelles totales: 276 millions de dollars

Produits stratégiques de vente d'actifs

En 2023, l'entreprise a généré 612 millions de dollars à partir des ventes d'actifs stratégiques dans divers secteurs.

Type d'actif	Vente des produits (en millions USD)
Actifs industriels	$287
Infrastructure énergétique	$225
Plates-formes technologiques	$100

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Value Propositions

You're looking at the core promises Brookfield Business Partners L.P. makes to its investors and the businesses it acquires. It's about delivering private equity-style results through a public vehicle, which is a key part of its appeal.

Generating long-term returns of 15%-20% for investors is the stated goal. Brookfield Business Partners L.P. is the flagship listed vehicle of Brookfield's private equity group, explicitly focused on continuing a long-term track record of compounding strong returns for investors. This target is central to their proposition. To give you a recent snapshot of market perception against this goal, the total shareholder return for the year leading up to November 2025 was a robust 25.3%.

The firm delivers on this by providing operational expertise to improve acquired businesses' margins. This is where the hands-on management comes in. For example, in Q1 2025, the Adjusted EBITDA margin reached 23%, up from 21% in the prior period, showing tangible operational uplift. Furthermore, the Industrials segment saw strong performance at its advanced energy storage operation, driven by a positive mix shift toward higher margin advanced batteries combined with ongoing operational and commercial improvements in Q3 2025. The firm is executing its plan to 'Acquire high-quality businesses, execute our operational plans to increase earnings and cash flows, and recycle capital to continue compounding long-term growth.'

Brookfield Business Partners L.P. is committed to delivering essential products and services across diverse sectors. This diversification is a risk mitigator and a source of stable cash flow. The key sectors include Industrials, Business Services, and Infrastructure Services. Specific examples of these essential businesses include an advanced energy storage operation, a manufacturer of specialized electric heat management systems, dealer software and technology services, and a water and wastewater services operation.

The structure itself is a value proposition: offering a public vehicle for private equity-style value creation. This allows investors access to a strategy typically reserved for private funds. The firm actively recycles capital to maintain this compounding growth. In Q2 2025, for instance, Brookfield Business Partners L.P. secured $690 million from the sale of a partial interest in three businesses to a new Brookfield managed evergreen private equity fund. The commitment to capital efficiency is also shown by the $157 million returned to investors through share buybacks since January 2025, including spending $56 million to repurchase 2.2 million units in Q2 2025.

Finally, the focus is on enhancing customer value proposition in portfolio companies. This is a direct result of operational improvements. For example, one operation achieved an AI-powered operational efficiency gain resulting in a 25% customer satisfaction boost. Another business, the modular building leasing service, benefited from increased sales of value added products and services despite weak end market conditions in Q3 2025.

Here's a quick look at some key financial and operational metrics from the 2025 reporting periods:

Metric	Value/Period	Source Context
Target Long-Term Annual Growth	15%-20%	Target Returns
Market Capitalization (Nov 2025)	~$7B	Investor Presentation
Total Assets (Q3 2025)	$75,403 million	Slight decrease from end of 2024
Adjusted EBITDA (Q3 2025)	$575 million	Quarterly result
Adjusted EBITDA Margin (Q1 2025)	23%	Up from 21% prior period
Corporate Liquidity (Q1 2025)	$2,414 million	At the corporate level
Capital Recycling Proceeds (Q2 2025)	$690 million	From partial sale of three businesses
Price-to-Sales (P/S) Ratio (Nov 2025)	0.2x	Compared to 0.8x global average

The portfolio companies are actively managed to drive performance. You can see the focus on specific operational levers:

• Optimize distribution network, go-to-market and pricing strategy for electric heat management.
• Scale and expand into adjacent product offerings for electric heat management.
• Higher volumes and positive mix shift in advanced energy storage.
• Developing Returnship Program for talent support in dealer software.
• Founding the BRK Institute for socioeconomic development by water/wastewater services.

Finance: review the impact of the $77 million in tax recoveries included in Q3 2025 Adjusted EBITDA on the run-rate operating performance by next Tuesday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Customer Relationships

Active management and operational oversight of portfolio companies involves deep involvement to drive performance across the portfolio.

The firm's strategy centers on owning high-quality businesses that provide essential products and services and benefit from a strong competitive position.

For example, in the nine months ended September 30, 2025, the consolidated Adjusted EBITDA for Brookfield Business Partners L.P. was $1,757 million.

The operational focus is reflected in segment performance, such as the Industrials segment generating Adjusted EBITDA of $316 million for the three months ended September 30, 2025.

Long-term, partnership-focused engagement with institutional investors is underpinned by the scale of the broader Brookfield ecosystem, where Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

This relationship structure supports the mandate to compound long-term value for owners.

Investor relations team for unitholder communication and reporting provides regular updates on performance and capital allocation.

Brookfield Business Partners L.P. released its third quarter 2025 results on November 6, 2025, including the Letter to Unitholders and Supplemental Information.

Capital return to owners is a key communication point, with the company repurchasing approximately 6.5 million units and shares year-to-date as of the Q2 2025 report, returning nearly $160 million to owners in the months leading up to that report.

The following table summarizes key financial metrics reported to unitholders for recent periods:

Metric (US$ millions, unaudited)	Three Months Ended Sep 30, 2025	Three Months Ended Sep 30, 2024	Nine Months Ended Sep 30, 2025
Adjusted EBITDA	$575	$844	$1,757
Net Income (loss) attributable to Unitholders	$(59)	$301	$47
Avg. LP Units Outstanding (Millions)	88.8	74.3	N/A

Transaction-based and advisory relationship with co-investors is evident in capital recycling activities.

In July 2025, Brookfield Business Partners L.P. reached an agreement to sell a portion of its interest in three businesses to a new evergreen private equity strategy managed by Brookfield Asset Management.

The specific interests sold were:

• Approximate 12% interest in DexKo.
• Approximate 7% interest in CDK Global.
• Approximate 5% interest in BrandSafway.

Brookfield Business Partners L.P. received units of the New Fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to the net asset value of the interests sold.

This transaction was reviewed by independent committees, which received a fairness opinion from Origin Merchant Partners.

The company also reported investing $300 million to acquire two market-leading businesses in the quarter leading up to the Q2 2025 report.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Channels

You're looking at how Brookfield Business Partners L.P. (BBU) gets its services and investments to the market and to you, the investor. It's a multi-layered approach, blending direct control with public market access and the massive reach of its parent, Brookfield Asset Management.

Direct ownership and operation of portfolio companies is the core delivery mechanism. BBU owns and operates businesses that provide essential products and services globally. For instance, the Industrials segment includes an electric heat tracing systems manufacturer acquired in January 2025. The Infrastructure Services segment utilizes a modular building leasing services operation. These businesses sell directly to their end-markets.

The scale of these operations is reflected in their segment performance metrics for 2025:

Segment/Metric	Period Ended September 30, 2025	Period Ended June 30, 2025
Industrials Segment Adjusted EBITDA	$316 million	N/A (Q1 2025 was $304 million)
Infrastructure Services Segment Adjusted EBITDA	$104 million	N/A
Business Services Segment Adjusted EBITDA	N/A	$205 million
Total BBU Adjusted EBITDA	$575 million	$591 million

Publicly listed units (BBU) and shares (BBUC) for investor access provide the primary channel for capital formation and liquidity for BBU itself. Investors access the business through BBU limited partnership units (NYSE: BBU; TSX: BBU.UN) or Brookfield Business Corp (NYSE, TSX: BBUC) shares. As of September 25, 2025, plans were approved to simplify this into one publicly traded Canadian corporation, BBU Inc., which is expected to list on the NYSE and TSX. BBUC had a market capitalization of approximately C$4.81B in early November 2025. The average number of BBU limited partnership units outstanding for the third quarter of 2025 was 88.8 million. BBU Inc. is expected to adopt an annual dividend of $0.25 per share. Corporate liquidity at the BBU level as at June 30, 2025, stood at $2,333 million.

The connection to Brookfield Asset Management's global private equity funds network is a crucial channel for capital recycling and growth. Brookfield Asset Management (BAM) is a leading global alternative asset manager with over $1 trillion of assets under management. BAM's private equity platform has $150 billion in assets under management. This network facilitates capital movement; for example, BBU reflected the impact of a partial sale of interests in three businesses to a new Brookfield managed evergreen private equity fund in its Q3 2025 Adjusted EBITDA. BAM is actively expanding this channel to individual investors, launching a private equity fund strategy targeting private wealth globally, starting with a Canadian vehicle.

Direct sales channels within each operating business are how the portfolio companies generate revenue. These are the business-to-business (B2B) or business-to-consumer (B2C) interactions that drive segment results. The Business Services segment, for example, includes:

• Cloud-based software as a service and technology solutions to dealerships.
• A residential mortgage insurer.
• Private sanitation services, including water and wastewater treatment for residential and governmental customers.

The performance of these direct sales channels is aggregated into segment Adjusted EBITDA figures, such as the $205 million reported for the Business Services segment for the three months ended June 30, 2025.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Customer Segments

You're looking at the core groups that Brookfield Business Partners L.P. (BBU) serves, both as an investment vehicle and as an owner of operating businesses. The customer base is split between the capital providers-the investors-and the end-market customers of the businesses BBU owns.

Institutional investors and pension funds seeking long-term capital growth

This is the primary customer segment for Brookfield Business Partners L.P. units themselves. These are sophisticated capital allocators looking for compounding returns, not just dividends. As of late 2025, this group is dominant in the ownership structure.

• Institutional investors hold approximately 85.04% of the company's stock.
• Brookfield Corp., the parent, holds a foundational stake of 43.71 million shares, representing 58.84% ownership.
• Other major institutional holders include Omers Administration Corp. with a 16.21% stake (12.04 million shares) and Royal Bank Of Canada owning 9.95% (7.39 million shares).
• The stock traded around $31.80 in mid-November 2025, against a consensus target price of $36.50, indicating a bet on future value realization.
• The company maintained approximately $2.9 billion in Pro Forma Corporate Liquidity as of the third quarter of 2025 to support growth and capital allocation.

Businesses in the Industrials sector (e.g., advanced energy storage)

BBU targets high-quality industrial businesses where its operational expertise can drive significant value enhancement. The performance of this segment is a key driver of returns for the institutional investors.

Here's a look at the recent financial contribution from the Industrials segment:

Metric	Period Ended September 30, 2025 (Three Months)	Prior Period Comparison (Excluding Tax)
Adjusted EBITDA	$316 million	Increase of 17%
Key Activity Example	Contribution from electric heat tracing systems manufacturer acquired in January 2025	Strong performance at advanced energy storage operation

The advanced energy storage operation specifically benefited from higher volumes and a positive mix shift toward higher margin advanced batteries.

Businesses in the Infrastructure Services sector (e.g., modular building leasing)

This segment focuses on essential services where BBU can improve operations and capitalize on stable, recurring revenue bases. The segment's financial results reflect recent capital recycling activities.

The financial snapshot for Infrastructure Services as of the third quarter of 2025 shows:

Metric	Period Ended September 30, 2025 (Three Months)	Key Business Example
Adjusted EBITDA	$104 million	Modular building leasing services operation showed stable performance
Context	Reflects impact of dispositions, including offshore oil services' shuttle tanker operation in January 2025	Sale of a partial interest in work access services in July 2025

Businesses in the Business Services sector (e.g., dealer software, mortgage lending)

The Business Services segment includes technology-enabled services and financial services, often characterized by high market share or resilient demand.

The segment's performance and strategic activity in mid-2025 highlight the customer base:

• Adjusted EBITDA for the three months ended September 30, 2025, was $188 million.
• The residential mortgage insurer benefits from resilient demand, particularly from first-time homebuyers.
• The dealer software and technology services operation supported stable bookings due to continued renewal activity, despite ongoing technology upgrade costs.
• In July 2025, BBU entered a partnership to privatize a leading Canadian residential and multi-family mortgage lender for $2.7 billion, with BBU's expected equity share being approximately $145 million for an 11% interest.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Cost Structure

When you look at the cost side of Brookfield Business Partners L.P.'s (BBU) business, you see a structure heavily influenced by managing a large, diverse portfolio of operating companies. The costs aren't just the day-to-day running of BBU itself; a huge chunk comes from the expenses incurred within those underlying businesses.

The management of the portfolio companies drives substantial costs. For the full year 2024, the Total Operating Expenses across the portfolio were reported at $2.82 billion. This figure captures the direct costs of running the businesses BBU owns, which is the primary expense driver. To give you a sense of scale, the Direct Operating Costs alone for 2024 were $34,883 million (or $34.883 billion) on revenues of $40,620 million.

Financing is another major cost center, reflecting the capital-intensive nature of their acquisitions. As of the end of 2024, Brookfield Business Partners L.P.'s Total Liabilities stood at $58.17 billion. A significant portion of this is the non-recourse debt held at the subsidiary level, which was $36,720 million (or $36.72 billion) at December 31, 2024. The resulting financing cost, represented by the Interest income (expense), net for the year ended December 31, 2024, was an expense of $3,104 million (or $3.104 billion).

Corporate oversight costs are necessary for the central management function. General and Administrative Expenses for the full year 2024 totaled $1,267 million. Looking at the more recent data, for the nine months ended September 30, 2025, these expenses were $860 million. These G&A costs cover corporate oversight, management fees, and other essential administrative functions.

Costs associated with growth and portfolio transformation are also material. These include expenses tied to buying and selling assets, as well as restructuring efforts to improve performance. For the nine months ended September 30, 2025, the company recorded $11 million in transaction costs related to acquisitions and dispositions. Furthermore, costs related to operational improvement and restructuring were evident, with Business separation expenses, stand-up costs and restructuring charges totaling $53 million over the same nine-month period in 2025.

Here is a breakdown of key cost components for the latest reported periods:

Cost Category	Latest Full Year (2024)	Latest Nine Months Ended Q3 2025
Total Operating Expenses (Portfolio Management)	$2.82 billion	N/A
Interest Expense (Net)	$3.104 billion expense	$2.355 billion expense (for nine months)
General and Administrative Expenses	$1,267 million	$860 million
Transaction Costs	N/A (Q4 2024 Other Income included $3 million)	$11 million (Nine Months)
Restructuring/Separation Charges	$52 million (Q4 2024 total)	$53 million (Nine Months)

You can see that the cost profile is dynamic, shifting between the fixed-like G&A and the variable financing costs tied to debt levels, plus the lumpy, deal-related costs like transaction fees and restructuring charges. The ability to manage the portfolio companies efficiently directly impacts the largest expense line item.

• High operating expenses for portfolio company management ($2.82 billion in 2024).
• Significant financing costs: Interest expense of $3.104 billion in 2024.
• Total Liabilities at year-end 2024 were $58.17 billion.
• General and administrative expenses for corporate oversight were $1,267 million in 2024.
• Nine-month transaction costs through Q3 2025 totaled $11 million.
• Nine-month restructuring and separation charges through Q3 2025 were $53 million.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Revenue Streams

You're looking at how Brookfield Business Partners L.P. (BBU) brings in the money, which is a mix of running its businesses day-to-day and selling assets strategically. It's not just one thing; it's a portfolio approach.

The top-line number shows the scale of the operations. Revenue from diversified operations for the trailing 12 months ending September 30, 2025, was $27.79 billion. This revenue base comes from the collection of high-quality businesses Brookfield Business Partners owns across various sectors.

Drilling down into the core operating performance for the third quarter of 2025 gives you a clearer picture of the underlying earnings power from the two main segments:

Segment	Adjusted EBITDA (Q3 2025)
Industrials	$316 million
Business Services	$188 million

The Industrials segment showed resilience, with its Q3 2025 Adjusted EBITDA of $316 million, which was an increase of 17% compared to the prior period when excluding tax recoveries. The Business Services segment posted an Adjusted EBITDA of $188 million for the same quarter.

A significant part of the cash flow generation strategy involves capital recycling, which is essentially selling down parts of businesses or assets to realize gains and reinvest the capital. Brookfield Business Partners L.P. reported proceeds from capital recycling initiatives exceeding $2 billion realized in 2025 as of the Q3 report. The CEO noted generating $180 million from these initiatives in the months leading up to the Q3 announcement. This activity helps fund acquisitions and pay down debt.

The final component of revenue streams comes from the investments where Brookfield Business Partners L.P. does not have a controlling interest but accounts for them using the equity method. While the exact distributions figure isn't explicitly listed as requested, the related metric, Equity Accounted Adjusted EBITDA, for the nine months ended September 30, 2025, was $83 million. This shows a contribution from these passive or minority stakes.

You can see the sources of cash flow generation broken down by the period ending September 30, 2025:

• Revenue (TTM): $27.79 billion
• Industrials Adjusted EBITDA (Q3): $316 million
• Business Services Adjusted EBITDA (Q3): $188 million
• Capital Recycling Proceeds (2025 YTD): Over $2 billion
• Equity Accounted Adjusted EBITDA (9 Months): $83 million

The company also declared a quarterly distribution of $0.0625 per unit, payable on December 31, 2025. That's what flows back to the unitholders.